Elizabethtown Kinney Drugs building has new owner

ELIZABETHTOWN | The 11,598 square foot Kinney Drugs retail building at 7550 Court St. here sold for $2.8 million.

The new property owner, Charterhouse Development Corp., said the longtime local drugstore will remain as is on site.

The retail location was built in 2007 as a new and expanded home for Kinney Drugs.

In announcing the purchase last week, Charterhouse said they are a commercial real estate development and investment company based in Boston, Massachusetts, “prominent and at the forefront with its use of commercial real estate data analytics” and technology.

The property was acquired “by an entity operated by Charterhouse Development from STORE Master Funding X, LLC,” according to the news release.

“This Kinney Drugs store in Elizabethtown is an excellent addition to the drugstore side of our portfolio,” Meredith Roy, President of Charterhouse Development said.

“We will look forward to being a part of this community.”

Charterhouse Development Corp. was founded 1983 and expanded their industrial, office and retail development largely with pharmacy and grocery store locations.

“For the last 10 years we have focused on acquiring and redeveloping neighborhood shopping centers in the Northeast and developing free-standing retail,” the news release said.

“This acquisition by Charterhouse Development is an excellent property for us as we continue to grow our presence in New York and the Northeast as a whole,” according to Brandt Sharrock, vice president at Charterhouse Development.

Essex County Real Property records show Store Master Funding has owned the retail building since 2016.

The owner from 2008 to 2015 was listed as Elizabeth Morgan LLC.

Tax roll assessment for the 1.12 acre property with a single-use building is $1.25 million.

The building was added to a large parking area in March 2007, when Kinney Drug moved from its former location at the old pharmacy building on Court St.